Elliott Wave analysis for Ripple 17.08.2022

The initial part of a bullish corrective uptrend, which may form as a double zigzag W-X-Y, is unfolding for the XRPUSD crypto pair. The first actionary wave W is presumably developing as a triple zigzag. In the current timeframe, we see the structure of the actionary zigzag-shaped wave [Y] and a bearish linking wave [X], which looks like a double zigzag (W)-(X)-(Y). Zigzag (A)-(B)-(C) is most probably forming at the moment. It may end the wave [Z] near level 0.464, where the waves [Z] and [Y] will be equal. Bulls’ nearest target is the previous high of 0.408, where the first impulse sub-wave is expected to end.

Trading plan for XRPUSD for today:

Buy 0.374,

Take profit: 0.408.

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